Trade Report: Today, Merrimack Pharmaceuticals Inc. (MACK) Upgrade to “Strong-Buy” by Vetr Inc.

Today, Merrimack Pharmaceuticals Inc. (MACK) Upgrade to “Strong-Buy” by Vetr Inc.

Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) was upgraded by stock analysts at Vetr from a “strong sell” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $10.86 price objective on the biopharmaceutical company’s stock. Vetr‘s target price suggests a potential upside of 77.60% from the stock’s previous close.

A number of other brokerages have also issued reports on MACK. BTIG Research reaffirmed a “neutral” rating on shares of Merrimack Pharmaceuticals in a report on Friday, September 9th. JPMorgan Chase & Co. lowered shares of Merrimack Pharmaceuticals from an “overweight” rating to a “neutral” rating and set a $5.75 price objective for the company. in a report on Friday, October 7th. Zacks Investment Research raised shares of Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, October 5th. Robert W. Baird reaffirmed a “neutral” rating and set a $7.00 price objective (down from $8.00) on shares of Merrimack Pharmaceuticals in a report on Wednesday, August 10th. Finally, Brean Capital set a $13.00 price objective on shares of Merrimack Pharmaceuticals and gave the company a “buy” rating in a report on Friday, August 5th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Merrimack Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $10.19.

Shares of Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 6.08 on Tuesday. The company’s 50-day moving average is $5.61 and its 200-day moving average is $5.65. Merrimack Pharmaceuticals has a 12-month low of $4.39 and a 12-month high of $9.40. The company’s market capitalization is $788.06 million.

Merrimack Pharmaceuticals (NASDAQ:MACK) last announced its quarterly earnings data on Wednesday, November 9th. The biopharmaceutical company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.04. The company had revenue of $28.07 million for the quarter, compared to analysts’ expectations of $41 million. During the same period last year, the business earned ($0.38) earnings per share. The company’s quarterly revenue was up 71.3% compared to the same quarter last year. Analysts predict that Merrimack Pharmaceuticals will post ($1.05) EPS for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of MACK. Bank of New York Mellon Corp raised its position in Merrimack Pharmaceuticals by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 678,029 shares of the biopharmaceutical company’s stock worth $3,654,000 after buying an additional 17,867 shares during the period. Commerce Bank acquired a new position in Merrimack Pharmaceuticals during the second quarter worth $539,000. Schwab Charles Investment Management Inc. raised its position in Merrimack Pharmaceuticals by 1.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 438,355 shares of the biopharmaceutical company’s stock worth $2,363,000 after buying an additional 8,286 shares during the period. California State Teachers Retirement System raised its position in Merrimack Pharmaceuticals by 4.5% in the second quarter. California State Teachers Retirement System now owns 255,914 shares of the biopharmaceutical company’s stock worth $1,379,000 after buying an additional 11,084 shares during the period. Finally, Boston Advisors LLC acquired a new position in Merrimack Pharmaceuticals during the second quarter worth $311,000. 73.57% of the stock is owned by hedge funds and other institutional investors.

About Merrimack Pharmaceuticals

Merrimack Pharmaceuticals, Inc is a biopharmaceutical company. The Company is engaged in discovering, developing and commercializing medicines consisting of therapeutics paired with companion diagnostics for the treatment of cancer. Its therapeutic oncology candidates in clinical development include MM-398, MM-302, MM-121, MM-141 and MM-151.

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